PRINCETON, WV (LOOTPRESS) – The City of Princeton is excited to announce new incentives for persons or businesses that add their properties to the City of Princeton by minor boundary adjustments or annexation.
These incentives originated from the Princeton Economic Development Authority (PEDA), who originally approved and recommended them to Princeton City Council for first reading at their December City Council Meeting. They were approved unanimously in January; established for the primary purpose of encouraging businesses and residents just outside Princeton City limits to incorporate.
B&O Incentives: removes B&O tax for five years on any business outside of the city limits once the business becomes incorporated; any business that is already located inside Princeton City limits with the same name and ownership as newly incorporated businesses will also receive a five year exemption; all businesses within city limits are exempt from B&O on new car sells.
Trash Incentive: creates a grant reimbursement program that offers up to three years of regular and special trash pickup to property owners (residents and businesses) of new incorporated property
Building Incentive: exempts newly incorporated property owners from fees associated with obtaining a building permits for building on the added property for a period of three years.
It is the hope of City official’s that continual business and residential growth will lead to the eventual elimination of Business & Occupancy Tax in Princeton.